Results 251 to 260 of about 1,538,519 (299)

Juicing the dividend yield: Mutual funds and the demand for dividends

Journal of Financial Economics, 2015
Abstract Some mutual funds purchase stocks before dividend payments to artificially increase their dividends, which we call “juicing.” Funds paid more than twice the dividends implied by their holdings in 7.4% of fund-years examined. Juicing is associated with larger inflows, and is more common among funds with unsophisticated investors.
Lawrence E. Harris, Samuel M. Hartzmark, David H. Solomon   +2 more
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A Longer Look at Dividend Yields

The Journal of Business, 1995
Abstract This article brings the research on survivorship together with research on predicting the stock market. A key argument of the article is that studies of long-term prediction can and should take into account the fact that a market has survived. Survival looks like a rebound, ex post. If stock market crises were always followed by
Philippe Jorion, William N. Goetzmann
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Testing the Predictive Power of Dividend Yields

The Journal of Finance, 1993
ABSTRACTThis paper reexamines the ability of dividend yields to predict long‐horizon stock returns. We use the bootstrap methodology, as well as simulations, to examine the distribution of test statistics under the null hypothesis of no forecasting ability.
Goetzmann, William Nelson, Jorion, Philippe   +1 more
openaire   +1 more source

Revisiting Dividend Growth Predictability via Dividend Yield

SSRN Electronic Journal, 2013
One of the main theoretical implications of the present value approach on firm valuation is the hypothesis that dividend yield has a predictive power on future dividend growth. The relevant literature, however, was not able to provide evidence that clearly supports this hypothesis.
Panagiotis Asimakopoulos, Stylianos Asimakopoulos, Nikolaos Kourogenis, Emmanuel D. Tsiritakis   +3 more
openaire   +1 more source

The Pricing of Options with Stochastic Dividend Yield

The Journal of Finance, 1978
A formula is derived in discrete time for pricing options when the underlying stock has a stochastic dividend yield. The result implies that regarding the dividend yield as certain when it is not results in misestimation of the variance of the underlying stock. Comparative statics indicate that this adjustment could diminish a bias of the Black‐Scholes
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Dividend Yields, Dividend Growth, and Return Predictability in the Cross Section of Stocks

Journal of Financial and Quantitative Analysis, 2012
AbstractThere is a generalized conviction that variation in dividend yields is exclusively related to expected returns and not to expected dividend growth, for example, Cochrane’s (2011) presidential address. We show that this pattern, although valid for the aggregate stock market, is not true for portfolios of small and value stocks, where dividend ...
Santa-Clara, Pedro, Maio, Paulo
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Are ex‐day dividend clientele effects dead? Dividend yield versus dividend size

Journal of Empirical Finance, 2007
Abstract We devise an approach to determine whether market microstructure or taxes influence ex‐dividend behavior. We find that microstructure effects of automated limit order adjustments strongly influence ex‐day prices for dividends less than or equal to a tick.
Keith J. Jakob, Tongshu Ma
openaire   +1 more source

Dividend yield and expected returns

Journal of Financial Economics, 1990
Abstract Previous research examining the relation between dividend yield and equity returns documents a U-shaped pattern arising from the positive CAPM-adjusted average excess return of zero-dividend firms. In contrast, this paper reports that zero-dividend firms earn negative average excess returns relative to firms of similar size.
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Do Environmental Taxes Yield a Double Dividend?

1995
In the face of growing concern about serious environmental problems, environmental taxes have attracted increasing attention, as taxes can, at least in principle, internalise the adverse external effects associated with pollution. Furthermore, many economists have argued that pollution levies are an efficient instrument for achieving environmental ...
Bovenberg, A.L., de Mooij, R.A.
openaire   +3 more sources

Are Ex-Day Dividend Clientele Effects Dead? Dividend Yield Verses Dividend Size

2004
We document new evidence that the ex-dividend day stock price behavior in the U.S. is inconsistent with the tax explanation in several aspects. We find that within a tick multiple, as dividend size increases, dividend yields increase, but the price-drop-to-dividend ratios decrease.
Tongshu Ma, Keith Jakob
openaire   +1 more source